New Wave Media

November 13, 2013

Dolphin Reports Improved Operating Margins

  • Polar Duchess
  • Atle Jacobsen, Dolphin Group CEO
  • Polar Duchess Polar Duchess
  • Atle Jacobsen, Dolphin Group CEO Atle Jacobsen, Dolphin Group CEO

Seismic vessel operator Dolphin Group AS reported its financial results for the third quarter 2013.

Quarterly highlights - Q3 2013

  • Revenues of $70.1 million, compared to $61.2 million in Q3 2012
  • EBITDA of $26.4 million (38%), compared to $28.9 million in Q3 2012
  • EBIT of $17.4 million (25%), compared to $16.8 million in Q3 2012
  • Net Income before tax of $15.4 million, compared to $16.4 million in Q3 2012
  • EPS of $0.04, compared with $0.05 in Q3 2012
  • Strong contract seismic margins, but low prefunding on strategic important 3D Multi-Client surveys
  • Successfully completed 2013 season of 4D production seismic contracts
  • The new high-capacity 3D vessel, Sanco Swift, came swiftly into production

Q3 2013 subsequent events

  • Order backlog at historical high level of $140 million
  • Secured additional bank financing for planned seismic equipment purchase in 2014

Atle Jacobsen, Dolphin Group CEO commented, "Dolphin delivered solid operating margins for third quarter with EBIT of 25%, driven by improved contract prices and high vessel efficiency. As for the entire seismic industry, Dolphin also experienced low Multi-Client late sales and a competitive market for new projects in the quarter.

The seismic market has recently been challenging and will impact our Q4 2013 and Q1 2014. The combination of strong performance on recent projects and modern assets has created confidence in Dolphin's abilities. This has improved contract visibility and provided Dolphin with a healthy backlog in the amount of $140 million.

Dolphin will continue to deliver on our long term business plan and create shareholder values through vessel capacity increase, strengthened internal seismic processing and G&G competence and through successful expansion of our Multi-Client business.

To improve Multi-Client competitiveness, Dolphin will secure new dedicated financing and enter into strategic partnership agreements."

Further Atle Jacobsen (CEO) and Erik Hokholt (CFO) will give a presentation of the quarterly results at Hotel Continental, Stortingsgaten 24-26, Oslo at 09:30 a.m. (CET). The presentation is open to the public.

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